US crypto bills on the move, Worldcoin launches and Russia’s CBDC: Hodler’s Digest, July 23-29

Top Stories This Week

Crypto bills walk legislature committee successful ‘huge win’ for US crypto

A cardinal United States House sheet has approved a brace of bills that could yet present immoderate regulatory clarity to crypto firms successful the country. On July 26, lawmakers voted successful favour of the Financial Innovation and Technology for the 21st Century Act, which establishes rules for crypto firms connected erstwhile to registry with either the Commodity Futures Trading Commission oregon the Securities and Exchange Commission. The sheet besides approved the Blockchain Regulatory Certainty Act, which sets retired guidelines that region hurdles and requirements for “blockchain developers and work providers” specified arsenic miners, multisignature work providers and decentralized concern platforms. Despite the transition of these acts, a fig of Republicans and Democrats refused to enactment different projected portion of legislation dubbed the Digital Assets Market Structure bill.

Worldcoin token motorboat sparks effect from Vitalik Buterin

Vitalik Buterin, the co-founder of the Ethereum network, released a long-form essay with his thoughts connected the precocious launched Worldcoin quality individuality verification system, addressing the larger conception successful treatment with the merchandise of the Worldcoin token — proof-of-humanity. Worldcoin initiated its nationalist launch connected July 25 aft astir 2 years of improvement and beta testing, but disapproval of it erupted astir immediately. The United Kingdom’s Information Commissioner’s Office is deciding whether to investigate the task for violating the country’s information extortion laws. The French National Commission connected Informatics and Liberty besides questioned Worldcoin’s legality. In effect to disapproval of its information postulation practices, the task released an audit report connected July 28.

Putin signs instrumentality connected instauration of integer ruble successful Russia

Russia is moving guardant with its cardinal slope integer currency arsenic President Vladimir Putin signed the integer ruble measure into law connected July 24. With this approval, the integer ruble instrumentality is officially scheduled to instrumentality effect from Aug. 1, 2023. Individuals successful the state volition person the prime to take whether oregon not to usage the integer ruble. According to Bank of Russia Deputy Governor Olga Skorobogatova, the authorities doesn’t expect wide adoption of the integer ruble successful Russia earlier 2025.

Binance withdraws crypto licence exertion successful Germany

Binance has withdrawn its cryptocurrency custody license exertion successful Germany, astir a period aft reports of concerns from the German Federal Financial Supervisory Authority. A spokesperson from Binance told Cointelegraph that it intends to reapply for a licence successful Germany, with changes to its exertion reflecting adjustments successful the regulatory environment. Binance CEO Changpeng Zhao said it would absorption connected becoming compliant with the European Union’s Markets successful Crypto-Assets regulations to connection its services successful European countries. However, its European enlargement plans person seen a setback amid its regulatory troubles successful the United States.

FTX’s Bankman-Fried seeks gag bid for each witnesses successful transgression case

Former FTX CEO Sam “SBF” Bankman-Fried has agreed to a gag bid preventing him from making comments to 3rd parties that whitethorn interfere with his proceedings — but argues different imaginable witnesses should beryllium gagged arsenic well, including existent FTX CEO John Ray. The gag bid against Sam Bankman-Fried was initially requested connected July 20, erstwhile the U.S. authorities accused the FTX laminitis of attempting to interfere with a just proceedings by publicly discrediting erstwhile concern partner and witnesser Caroline Ellison successful an interrogation with the New York Times. According to SBF’s lawyers, determination has been a “toxic media environment” surrounding their lawsuit since the collapse of the exchange.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $29,331, Ether (ETH) astatine $1,876 and XRP astatine $0.71. The full marketplace headdress is astatine $1.18 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are XDC Network (XDC) at 45.69%, GMX (GMX) at 11.82% and Bone ShibaSwap (BONE) at 9.60%. 

Most Memorable Quotations

“Our lawsuit and the determination rendered by our justice [Torres] volition supply comfortableness to different judges that the SEC is conscionable misguided.”

Stuart Alderoty, main ineligible serviceman of Ripple

“In the months to come, we volition adhd [to X] broad communications and the quality to behaviour your full fiscal world. The Twitter sanction does not marque consciousness successful that context.”

Elon Musk, tech entrepreneur

“A satellite with nary proof-of-personhood seems much apt to beryllium a satellite dominated by centralized individuality solutions.”

Vitalik Buterin, co-founder of Ethereum

“While the West continues to antagonize blockchain companies, Asia is welcoming america successful with their arms wide open.”

Yves La Rose, CEO of the EOS Foundation

“We spot it [Bitcoin] arsenic an plus that has astir apt the champion imaginable for maturation of our superior reserves astatine the moment.”

Paul Brewster, CEO of Flooring Hut

“Companies creating AI exertion person a work to guarantee that it is safe, secure, and remains nether quality control.”

Brad Smith, vice seat and president of Microsoft

Prediction of the Week 

BTC terms shrugs disconnected beardown PCE information arsenic Bitcoin traders oculus $28K range

Bitcoin stayed range-bound astatine the extremity of the week contempt United States ostentation information beating expectations. Data from Cointelegraph Markets Pro and TradingView showed BTC terms enactment getting lone a humble boost from the Personal Consumption Expenditures Price Index print.

Among traders, determination was inactive an appetite for BTC terms downside, with the $30,000 absorption present successful spot for implicit a week. Popular pseudonymous trader Crypto Tony confirmed that helium remained abbreviated connected BTC beneath $29,600.

“I expect continuation down to $28,000 successful time, but for definite we could scope present for a small portion earlier the drop,” helium told Twitter (now known arsenic X) followers connected the day.

FUD of the Week 

SEC files charges against Quantstamp for $28M archetypal coin offering

Blockchain information steadfast Quantstamp is acceptable to instrumentality $28 cardinal raised successful a 2017 archetypal coin offering (ICO) pursuing charges brought by the U.S. Securities and Exchange Commission for allegedly conducting an unregistered ICO of “crypto plus securities.” The SEC’s bid outlines that Quantstamp’s ICO, which took spot successful October and November 2017, raised implicit $28 cardinal by selling its autochthonal QSP tokens to immoderate 5,000 investors. According to the SEC, the institution failed to registry its tokens offering, which the bureau deemed to beryllium securities.

Alphapo outgo supplier hack present estimated astatine implicit $60M — ZachXBT

The Alphapo payments supplier hack is present estimated to person caused losses exceeding $60 million, according to a study from pseudonymous on-chain sleuth ZachXBT. The nonaccomplishment was antecedently reported astatine astir $31 million. The caller study identifies an further $37 cardinal allegedly drained from the aged addresses connected the Tron and Bitcoin networks. Citing information from Dune Analytics, the ZachXBT argued that the Lazarus Group whitethorn beryllium down the attack. Neither institution confirmed that the issues were caused by a hack, but information researchers person argued that the ample outflows from known blistery wallets, combined with stalled withdrawals, connote that the funds whitethorn person been moved by an attacker.

Pond0X token motorboat snafu leads to millions of dollars successful losses

The motorboat of memecoin Pond0x (PNDX) has led to millions of dollars successful losses for investors, according to aggregate reports connected societal media connected July 28. Data from the Maestrobots trading app shows that the token reached a terms of $0.36 earlier collapsing to adjacent zero successful a span of 5 minutes. According to archetypal reports, PNDX had a faulty transportation relation that allows users to transportation coins from immoderate different user. Investors mislaid astatine slightest $2.2 cardinal successful the launch. The memecoin was announced connected July 28 by pseudonymous Not Larva Labs laminitis Pauly, a developer of an NFT trading app for CryptoPunks and a abstracted parody postulation called CryptoPhunks.

Best Cointelegraph Features

Journeys: Hervé Larren connected Bitcoin, Apes and the science of ‘blue-chip’ NFTs

“My archetypal crypto transaction, successful 2013, was to ligament Bitcoin from the U.S. to Venezuela. Due to the economical collapse, determination was nary functioning banking strategy betwixt these 2 countries.”

6 Questions for Simon Davis of Mighty Bear Games

Mighty Bear Games CEO Simon Davis — AKA “Papa Bear” — gave america a look wrong his Web3 gaming studio, and his thoughts connected the aboriginal of gaming.

‘Elegant and ass-backward’: Jameson Lopp’s archetypal content of Bitcoin

Jameson Lopp says nary of the developers “deep into Bitcoin” deliberation the protocol should beryllium allowed to ossify: “There’s truthful overmuch enactment to beryllium done.”